Managing Cash Transactions - An Opportunity for Change
Methods of payment continue to proliferate but cash remains the preferred method for many. Improving management of these payments can significantly enhance a retailer’s profitability.
Improving the availability of your Glory Teller Cash Recyclers (TCRs)
TCRs are designed to improve the experience you deliver in your branches by facilitating cash handling, releasing resources to create the opportunity for increased sales, improving counterfeit detection, securing cash at the point of transaction and decreasing the time needed for start and end of day balancing. To ensure the maximum return on investment, it is critical that all the TCRs in your network are available to support your tellers with minimal downtime due to faults or upgrades.
Branch Automation Analysis
We’ve all read studies that report the most time-consuming and costly process within the branch is cash management. Specifically the time it takes to process cash – separating cash, strapping cash, buying/selling cash, preparing and verifying cash shipments, deposit and withdrawal transactions and end of day balancing time. But did you know that up to 70% of all activities within a branch are transactions and up to 90% of front line staff time is spent on transactions such as deposits, check cashing, and withdrawals. As you may be aware, branch automation and the use of cash recyclers, cash dispensers and sorters are efficient and productive solutions to automate these manually-intensive and error prone tasks, while reducing security risk, freeing up staff to be more productive, and creating revenue-generating selling opportunities. Case studies have shown that cash recyclers have, in fact, freed up a manager or supervisor to perform more productive activities such as more face time with customers and/or members.
Financial institutions turn to branch automation for profitability boost
For financial institutions, the most time-consuming and costly process is cash management. Some studies have reported that nearly 25% of branch operating costs are related to cash handling – counting and sorting currency as it moves into, through and out of the branch1. So it’s no wonder there are end of day balancing errors, transaction errors and long wait lines while incurring costs, tying up FTEs and supervisors and creating little revenue for your branch. Branch automation and the use of cash recyclers and cash dispensers are efficient and productive solutions to automate these manually intensive and error-prone tasks and reduce security risk. It also frees up staff to be more productive performing daily tasks and creates more revenue generating selling opportunities.